For my money, this story isn't getting nearly enough attention.

Everyone is all up in arms about Ghash. But that's only part of the story. The fact is that for quite a while now over 50% of the hashing power is controlled by very few people. Bitcoin's hashing is quite centralized, and this is a huge issue for me. Bitcoin is supposed to be decentralized in essence. Yet one of the primary functions is effectively centralized.

I don't see what difference does it make that Ghash is ramping down, or that people are moving away from Ghash. They're just moving their power from one pool to another. The end result is exactly the same. The hashing power is controlled by the same few individuals.